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AS Tallink Grupp and Its Subsidiaries (Hereinafter Also Referred to As the Group) Were Influenced by the Global Macroeconomic Development

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AS Tallink Grupp and Its Subsidiaries (Hereinafter Also Referred to As the Group) Were Influenced by the Global Macroeconomic Development AASS TTAALLLLIINNKK GGRRUUPPPP Unaudited Interim Consolidated Condensed Financial Statements for the I quarter of the financial year 2008/2009 ended 30 November 2008 Beginning of the financial year 1. September 2008 End of the financial year 31. August 2009 Commercial Registry No. 10238429 Address Tartu mnt. 13 10145, Tallinn Estonia Telephone +372 6 409 800 Fax +372 6 409 810 Internet homepage www.tallink.com Primary activity maritime transportation (passengers and cargo transportation) WorldReginfo - 3907d98e-7078-428d-bf33-69c7b4091a61 CONTENT MANAGEMENT REPORT FOR THE INTERIM FINANCIAL STATEMENTS 3 Unaudited Interim Consolidated Condensed Financial Statements I quarter of the financial year 2008/2009 CONSOLIDATED CONDENSED INCOME STATEMENT 9 CONSOLIDATED CONDENSED BALANCE SHEET 10 CONSOLIDATED CONDENSED CASH FLOW STATEMENT 12 CONSOLIDATED CONDENSED STATEMENT OF CHANGES IN EQUITY 14 ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT Notes to the unaudited interim financial statements 16-23 I quarter of the financial year 2008/2009 MANAGEMENT BOARD’S APPROVAL TO THE INTERIM CONSOLIDATED 24 CONDENSED FINANCIAL STATEMENTS 2 WorldReginfo - 3907d98e-7078-428d-bf33-69c7b4091a61 MANAGEMENT REPORT FOR THE INTERIM FINANCIAL STATEMENTS for the I quarter of the financial year 2008/2009 ended November 30, 2008 The first quarter operations of the 2008/2009 financial year for AS Tallink Grupp and its subsidiaries (hereinafter also referred to as the Group) were influenced by the global macroeconomic development. The Group revenues increased by EUR 7.1 million (EEK 111.2 million) showing pleasing 3.8% year-on-year growth in spite of the current weak economic environment. The increase in total passenger related revenues was 12.6% or EUR 16.8 million (EEK 262 million) as the result of increase in the number of passengers which compensated well the EUR 9 million (EEK 142 million) decrease in the cargo revenues. As expected, the delivery of MS Baltic Princess and the related re-routings of M/S Galaxy and M/S Silja Festival had major impact to the growth in the passenger operations. The management is pleased with EUR 30.2 million (EEK 473 million) EBITDA result being in line with the management expectations for the first quarter. Despite the high operating costs, the Group was able to increase EBITDA by 4.4% as a result of nearly 27% decreasing administrative costs. It is important to stress that the high cost inflation from the recent past was still influential on the purchase of goods and services during the first quarter of the financial year 2008/2009. Although the fuel prices have decreased significantly by today the prices were still relatively high during the first quarter of the financial year compared to the prices a year ago. The fuel cost for the vessel operations decreased by EUR 0.9 million (EEK 15.3 million), effected from the reduction of the capacity on the Germany route. Similarly, the rapid decrease in EUR interest rates had not yet an impact on the financial costs of the first quarter. As the majority of the interest rates for the Group loans are reset every 3-6 months period, the first quarter interests on most of the Group loans were set at the highest EURIBOR levels at around 5%. As a result of the higher debt liabilities and increased interest rates the Group’s interest cost during the first quarter increased by EUR 3.3 million (EEK 51.6 million) or 23% to EUR 17.5 million (EEK 273.5 million) comparing the first quarter a year before. 1st QUARTER KEY FIGURES 01.09.2008- 01.09.2007- Change % 30.11.2008 30.11.2007 EEK EUR EEK EUR Net sales (million) 3,031 193.7 2,920 186.6 3.8% Gross profit (million) 604 38.6 649 41.5 -7% Gross margin 19.9% 22.2% EBITDA (million) 473 30.2 453 29.0 4.4% EBITDA margin 15.6% 15.5% Net profit/-loss (million) -31 -1.9 3 0.2 -1267% Net profit margin -1.0% 0.1% Depreciation (million) 257 16.5 234 14.9 10.2% Investments (million) 168 10.7 446 28.5 -62.3% 3 WorldReginfo - 3907d98e-7078-428d-bf33-69c7b4091a61 Weighted average number of ordinary shares outstanding during 1st quarter* 669,882,040 673,817,040 -0.6% Earnings per share -0.05 0.00 0.00 0.00 Number of passengers 1,786,205 1,510,079 18.3% Cargo units 76,313 91,897 -17% Average number of employees 6,826 6,408 6.5% 30.11.2008 31.08.2008 Change% EEK EUR EEK EUR Total assets (million) 28,887 1,846 29,702 1,898 -2.7% Total liabilities (million) 18,614 1,190 19,308 1,234 -3.6% Interest-bearing liabilities (million) 17,040 1,089 17,525 1,120 -2.8% Total equity (million) 10,272 657 10,394 664 -1.2% Equity ratio (%) 35.6% 35.0% Number of ordinary shares outstanding* 669,882,040 669,882,040 Shareholders’ equity per share 15.3 0.98 15.5 0.99 -1.3% Net profit margin – net profit / net sales; EBITDA – Earnings before net financial items, share of profit of associates, taxes, depreciation and amortization, income from negative goodwill; EBITDA margin – EBITDA / net sales; Gross margin – gross profit / net sales Equity ratio – total equity / total assets; Earnings per share – net profit / weighted average number of shares outstanding; Shareholder’s equity per share – shareholder’s equity / number of shares outstanding. * Share numbers exclude own shares. SALES DISTRIBUTION The largest increase of EUR 6.6 million (EEK 104.1 million) in the Group sales was contributed from the Estonia-Finland route, whereas the biggest growth rate of 45.7% in the sales was on the Latvia Sweden route. From the operational segments, the largest increase by EUR 12.5 million (EEK 195 million) was on the restaurant and shop sales as the result of the increased passenger volumes. The Group’s cargo sales decreased by EUR 9 million (EEK 142 million), mostly as a consequence of the weak macroeconomics globally. The following tables provide an overview of sales during the 1st quarter on a geographical and operational segments based approach. Geographical segments 08/09 07/08 Operational segments 08/09 07/08 Finland - Sweden 43.5% 44.0% Restaurant and shop sales on- 53.2% 48.5% Estonia - Finland 28.0% 25.5% board and on mainland Estonia - Sweden 11.6% 11.1% Ticket sales 24.0% 22.7% Finland - Germany 4.7% 10.6% Sales of cargo transportation 17.8% 23.4% Latvia - Sweden 5.6% 4.0% Accommodation sales 1.4% 1.1% Mainland business and lease Income from leases of vessels 1.2% 1.7% 6.6% 4.7% of vessels Other 2.4% 2.6% 4 WorldReginfo - 3907d98e-7078-428d-bf33-69c7b4091a61 MARKET DEVELOPMENTS The following table provides an overview of the passengers, cargo units and passenger vehicles transported during the first quarter of 2008/2009 and 2007/2008 financial years. Q1 2008/2009 Q1 2007/2008 Change Passengers 1 786 205 1 510 079 18,3% Finland-Sweden 707 979 630 473 12,3% Estonia-Finland 805 144 634 301 26,9% Estonia-Sweden 157 298 147 162 6,9% Latvia-Sweden 98 043 72 635 35,0% Finland-Germany 17 741 25 508 -30,4% Cargo Units 76 313 91 897 -17,0% Finland-Sweden 26 270 27 285 -3,7% Estonia-Finland 28 397 30 831 -7,9% Estonia-Sweden 10 352 11 872 -12,8% Latvia-Sweden 4 484 3 292 36,2% Finland-Germany 6 810 18 617 -63,4% Passenger Vehicles 174 471 132 092 32,1% Finland-Sweden 31 064 34 314 -9,5% Estonia-Finland 113 380 70 252 61,4% Estonia-Sweden 10 780 10 184 5,9% Latvia-Sweden 13 801 10 687 29,1% Finland-Germany 5 446 6 655 -18,2% The following operational factors influenced the traffic volumes development in the first quarter: FINLAND-SWEDEN M/S Sea Wind schedule was changed in the beginning of 2008 so that the vessel will not stop in the Aland Islands any more. As a result, the vessel is now carrying only cargo units compared to the mix of passengers, car and cargo before. M/S Galaxy, larger in it´s capacity, operates on the Turku-Stockholm route instead of M/S Silja Festival. Due to the scheduled dockings, M/S Silja Serenade and M/S Silja Symphony did not operate 8 days during the first quarter. ESTONIA-FINLAND Since April 2008, the second Tallink Shuttle vessel Superstar operates between Tallinn and Helsinki. New cruise ferry M/S Baltic Princess has replaced the 2006 built M/S Galaxy which moved to Turku-Stockholm operations. From September 2008, the Superfast vessels are not doing the daily Tallinn-Helsinki roundtrip any more. 5 WorldReginfo - 3907d98e-7078-428d-bf33-69c7b4091a61 LATVIA-SWEDEN M/S Silja Festival, larger in it´s capacity, has replaced M/S Vana Tallinn. FINLAND-GERMANY The operations in the route are continued with two vessels instead of three as Superfast IX has stopped from September 2008 and is employed in the long-term charter. The Group’s market shares on the routes operated during a 12 month period ending on the November 30, 2008 were as follows: • The Group carried approximately 49% of the passengers and 55% of ro-ro cargo on the route between Tallinn and Helsinki; • The Group is the only provider of daily passenger transportation between Estonia and Sweden and the approximate market share of ro-ro cargo transportation was 68%; • The Group is the only provider of daily passenger and ro-ro cargo transportation between Riga and Stockholm; • The Group carried approximately 52% of passengers and 32% of ro-ro cargo on the routes between Finland and Sweden; • The Group’s approximate market share of passenger transportation on the route between Finland and Germany was 51% and the approximate market share of ro-ro cargo transportation was 12%.
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